Federal Reserve announced start of $4.5 trillion balance sheet reduction | IFCM
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Federal Reserve announced start of $4.5 trillion balance sheet reduction

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US equity market retreated and the US dollar index of ICE London exchange added to last week’s gain as the Federal Reserve announced the start of its $4.5 trillion balance sheet reduction in October. The SP 500 inched up 0.1% and the ICE US dollar index rose 0.4% for the week.

The SP 500 closed at record highs three sessions in a row Monday through Wednesday, reversing gains Thursday and closing marginally higher Friday despite North Korea’s threat to test a hydrogen bomb in Pacific Ocean over the weekend.

The ICE dollar index rose 0.2% on Monday, but as Federal Reserve two-day meeting started Tuesday the dollar gave back the previous session’s gains despite a report import prices rose 0.1% in August. The ICE dollar index jumped 0.7% Wednesday following Federal Reserve’s announcement it would start to shrink its balance sheet by $10 billion a month in October, and increase that pace by $10 billion every three months to a maximum pace of $50 billion a month, or $600 billion a year. The US central bank kept federal funds rate between 1% -1.25%, as widely expected, and signaled plans for another rate hike this year and three more rate hikes in 2018. The ICE dollar index fell 0.3% Thursday despite a decline in initial jobless claims and better than expected increase in the Philadelphia Fed manufacturing index to a three-month high. The dollar was unchanged against the basket of six major currencies on Friday.

Major economic events this week are: the Reserve Bank of New Zealand interest rate decision on Wednesday, second quarter US GDP final report on Thursday and European Central Bank president Draghi’s and Bank of England governor Carney’s speeches at Bank of England's conference celebrating 20 years of independence in London on Friday. No changes in New Zealand central bank’s policy are expected.

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